Circle, the operator of the stablecoin USD Coin (USDC), has just released the first annual report on the development and prospects of the coin's economy.
Jeremy Allaire, Circle's founder and CEO, has recalled that back in 2013, when the asset’s development began, it was conceived as "a dollar for the Internet."
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According to him:
"Now, ten years later, USD Coin (USDC) is breaking into the mainstream. Across nearly every metric and trend, the USDC Economy is growing, healthy, and on its way to being a major force in facilitating economic activity at internet scale."
According to the report, the asset is fully backed by reserves, which consist of 80% 3-month US Treasuries, one of the most stable and liquid securities.
Notably, at the end of January, the company will fully transfer this stablecoin collateral to a regulated fund managed by BlackRock.
The remaining 20% of Circle's reserves are held in cash spread across accounts at eight partner banks.